Management Team
The Board
Bruce Weatherill
Non-Executive Chairman
Until 2008, Bruce was a partner at PwC in charge of a number of Asset Management and Wealth Management clients. During his time at PwC, Bruce was global leader of PwC’s Private Banking and Wealth Management practice. Since leaving PwC, Bruce set up Weatherill Consulting which provides consulting services to Wealth Management Companies around the world.
Until recently, he was Chairman of JDX Consulting and Chair of the Audit & Risk committee. He is non-executive director of ComPeer Limited and a Committee member of the The All England Lawn Tennis Club. He is Chairman of ClearView Financial Media (WealthBriefing), the Wisdom Council and since February 2020, Chairman of The Wimbledon Foundation.
Alex Cheatle
Group CEO and Co-Founder
Alex Cheatle co-founded the business in 1998. Alex is responsible for the Group strategy to become the most trusted service business in the world and the related focus to always be improving service levels.
Prior to founding Ten, Alex was a marketing manager at Procter & Gamble. Alex has a degree in Philosophy, Politics and Economics from Oxford University. Alex is based in London.
Andrew Long
Group COO, CEO APAC and Co-Founder
Andrew Long co-founded the business in 1998. Andrew is responsible for key client and account strategy, global offers & events, legal & compliance, programme management, global real estate and operational & technology infrastructure.
Prior to founding Ten, he ran a UK market-leading event production and management business. Andrew has been based in Singapore with particular leadership responsibilities in APAC since 2012.
Alan Donald
CFO
Alan Donald joined Ten in June 2019 as CFO. Alan has more than 30 years’ experience working in insurance, healthcare, aviation, business travel and leisure sectors.
Before joining Ten in June 2019, Alan was UK finance director at Thomas Cook for 9 months.
Previous to this, Alan was Finance Director of the travel division of Saga Group plc, EMEA CFO at Carlson Wagonlit Travel and CFO at Menzies Aviation part of the John Menzies Group. Alan also held senior finance positions at Willis Corroon, BUPA and Cigna Healthcare. Alan qualified as a Chartered Accountant with Deloitte Haskins & Sells.
Victoria Carvalho
Chief Proposition Officer
Victoria joined Ten’s Senior Leadership Team in April 2018 as Managing Director and was appointed Chief Proposition Officer in November 2022. Victoria has over 20 years of experience working in strategic roles focused on operational growth.
Prior to joining Ten, she spent 5 years as Vice President, Global Client Services and Operations for Nasdaq and 11 years with Thomas Reuters in New York and London.
Julian Pancholi
Non-Executive Director
Julian (“Jules”) Pancholi joined Ten in October 2017. Jules is an experienced technology and marketing services entrepreneur.
Jules served as a non-executive director of Skyscanner Limited, the travel fare comparison website until the sale to C TRIP for over £1.4 billion in 2016. Jules is Managing Director of Nitro Digital Limited, an independent digital agency. His other ventures include Nixxie Limited (a US-focused advertising tech business), Estimo Technologies Limited (a B2B SaaS workflow solution), Nitro Property Limited (a syndicate-based property portfolio business) and a number of other ventures in Fintech and Healthtech.
Gillian Davies
Non-Executive Director
Gillian has held a number of senior financial positions in both listed and private equity backed international companies, including Zeneca plc, Avecia Limited and Georgia Pacific. More recently, Gillian spent 11 years as Group Finance Director of FTSE listed 4imprint Group plc, during which time 4imprint Group plc was extensively restructured and delivered significant growth. Gillian was CFO of AIM listed, Harwood Wealth Management Group until its sale to Private Equity and subsequent delisting. Gillian is also Senior Independent NED and Chair of the Audit Committee at Knights Group Holdings plc.
Corporate Governance
The Company’s compliance with the QCA Code was last reviewed before publication of the Annual Report for the period ended 31 August 2019 in November 2019. Details of how the Company complies or explains against the QCA Code, are therefore included in our Annual Report.
In 2018, the Company adopted the Quoted Companies Alliance’s (QCA) Corporate Governance Code for Small and Mid-Size Quoted Companies (“QCA Code”). The Board believes that it complies with all of the principles of the QCA Code through its governance practices which ensure that the Company has the right people, strategy and culture to deliver the Company’s strategies for success in the medium to long term.
The roles and responsibilities between the Board, Chair, Executive, Non-Executive Officers and management are clearly documented and understood. The Board is responsible for formulating, reviewing and approving the Company’s strategy, budgets, values and corporate actions. The Company holds Board meetings at least eight times each financial year and at other times as and when required.
The Board of Directors
The Board is responsible for setting the vision and strategy for the Company to deliver value to its shareholders by putting in place an effective business model. The Board members are collectively responsible for defining corporate governance arrangements to achieve this purpose, under clear leadership by the Chair.
The Board currently consists of four executive and three non-executive directors. There is a clear division of responsibilities between the Chairman, Bruce Weatherill and Chief Executive Officer, Alex Cheatle and their roles have been set out in writing and agreed by the Board.
The Chair is responsible for leading the Board effectively and overseeing the adoption, delivery and communication of the company’s corporate governance model. The Chair makes sure that the Board’s agenda concentrates on the key issues, both operational and financial, with regular reviews of the Company’s strategy and its overall implementation. Bruce Weatherill was appointed Chair in October 2017, bringing over 40 years’ experience in the global financial services industry with relevant leadership, financial control and commercial expertise as well as proven history at Board level. He is a member of the Audit & Risk Committee and chairs the Nomination Committee.
The Chief Executive Officer is responsible for the management of the Company’s business and for implementing the Company’s strategy. Alex Cheatle co-founded the business in 1998. He is also a member of the Nomination Committee.
Gillian Davies and Julian Pancholi were appointed as non-executive directors in October 2017. Ms. Davies brings financial expertise as a Chartered Accountant and has substantial experience as Finance Director of FTSE and AIM listed company. Most recently, she was CFO of AIM listed, Harwood Wealth Management Group. She is chair of the Audit & Risk Committee and a member of the Remuneration Committee. Mr. Pancholi has relevant industrial experience in technology and marketing services and is a proven non-executive director. He is chair of the Remuneration Committee and a member of the Nomination Approval of the half-yearly and annual report, interim management statements, trading updates, announcements of final results, including the corporate governance statement and directors’ remuneration report.
The Non-Executive Directors are considered independent of management and free of any relationship that could materially interfere with the exercise of their independent judgement. The Chairman was considered independent upon his appointment.
Alan Donald was appointed as Chief Financial Officer in June 2019. Mr. Donald brings financial expertise with over 30 years’ experience in Finance roles and over a decade’s experience in the travel industry.
Andrew Long was appointed as Group COO and APAC CEO in 2012. Mr. Long co-founded the business in 1998 and is responsible for operational and technology infrastructure as well as having leadership responsibilities in APAC.
Sarah Hornbuckle was appointed as Client Services Director in 2013. Ms. Hornbuckle joined the Company in 2001, bringing brand management experience from Mars and Unilever Bestfoods and is now responsible for managing corporate client services.
Matters are reserved for the Board include:
- Responsibility for the overall leadership of the Company and setting the Company's values and standards.
- Review of performance of the business in the light of the Company’s objectives, business plans and budgets and ensuring that any necessary corrective action is taken.
- Any decision to cease to operate all or any material part of the Group's business.
- Changes relating to the Company’s capital structure.
- Changes to the Group's management and control structure.
- Approval of the half-yearly and annual report, interim management statements, trading updates, announcements of final results, including the corporate governance statement and directors' remuneration report.
- Approval of the dividend policy.
- Approval of any significant changes in accounting policies or practices.
- Raising new capital and confirmation of major financing facilities.
- Ensuring maintenance of a sound system of internal control and risk management.
- Approval of major capital projects, operating expenditure and oversight over execution and delivery.
- Major investments including the acquisition or disposal of interests of more than three per cent in the voting shares of any company or the making of any takeover offer.
- Ensuring a satisfactory dialogue with shareholders based on the mutual understanding of objectives.
- On the recommendation of the Remuneration Committee, determining the remuneration policy for the directors, Company secretary and other senior executives.
- Undertaking a formal and rigorous annual review of its own performance, that of its committees and individual directors, and the division of responsibilities.
Audit & Risk Committee
Remuneration Committee
Nomination Committee
Share Dealing Code
Ethics, Anti-Bribery and Anti-Corruption
The Board monitors how the Company’s ethical values and behaviors are recognized and respected through regular feedback from Management and annual employee surveys.
Investors Relations
The Board is committed to understanding and meeting the needs and expectations of the Company’s existing and potential shareholders.
Please click here for up-to-date information about the Company’s share price.
Please click here for the Company’s latest corporate and public announcements to the market.
Please click here for copies of the Company’s corporate documents, including interim and annual reports.
Please click here for investor FAQs.
Wherever possible, the Company shall supplement interim and annual reports with presentations and videos from the CEO and will announce technological, commercial and financial developments to ensure that the market is fully informed of the business’ progress.
As well as having access to detailed information on the website, investors are invited to send any enquiries to the Company Secretary by emailing investorrelations@tengroup.com.
The CEO and the CFO meet regularly with shareholders and potential investors and report their feedback to the Board. In addition, the Company’s joint-brokers provide independent feedback to the Board on market views and produce regular research notes on the Company. This has enabled the Board to understand the concerns of shareholders and the wider investment community.
AGM
Shareholders are invited to make use of AGMs to raise any questions regarding the Company’s management or performance. The Company shall disclose the outcomes of votes in a transparent way and will take steps to understand the reasons behind any vote where a significant proportion of votes have been cast against a resolution. Annual Reports and General Meeting Notices shall be kept on the website for at least 5 years.
The last AGM was held on 7 February 2023. The full text of each resolution was included in the Notice of the Meeting. Shareholders were invited to send questions prior to the meeting and shareholders in attendance were given the opportunity to ask questions. No questions were received from shareholders prior to or during the meeting.
The Annual Report was amended on 24 January 2023 to correct the attendance of Directors to Board meetings during the year, which were understated. Alex Cheatle, CEO attended all Board meetings and Andrew Long, COO attended four Board meetings. Andrew Long was unable to attend two Board meetings while he was completing a leg of the Clipper Round the World Race for charity and a third scheduled at a time to suit attendees in the USA, while he was home in Singapore. This amendment to the Annual Report was announced via RNS the same day and a copy of the amended Annual Report was made available on the Company’s website.
All resolutions put to shareholders at the Company’s Annual General Meeting held on 7 February 2023 were duly passed. Details of the proxy votes for each resolution received by the Company before the AGM are set out below:
| Resolution Number |
Resolution Name |
Number of Votes For |
% of Votes For |
Number of Votes Against |
% of Votes Against |
Number of Votes Withheld |
|---|---|---|---|---|---|---|
01 |
Report & Accounts |
47,424,948 |
100.00% |
0 |
0.00% |
2,139 |
02 |
Bruce Weatherill |
47,426,260 |
100.00% |
500 |
0.00% |
327 |
03 |
Jules Pancholi |
47,424,448 |
100.00% |
2,312 |
0.00% |
327 |
04 |
Gillian Davies |
47,424,948 |
100.00% |
0 |
0.00% |
2,139 |
05 |
Alex Cheatle |
47,426,760 |
100.00% |
0 |
0.00% |
0 |
06 |
Alan Donald |
47,426,260 |
100.00% |
500 |
0.00% |
327 |
07 |
Andrew Long |
47,374,505 |
99.98% |
52,255 |
0.11% |
327 |
08 |
Sarah Hornbuckle |
47,426,760 |
100.00% |
0 |
0.00% |
327 |
09 |
Reappoint auditors |
47,424,948 |
100.00% |
1,812 |
0.00% |
327 |
10 |
Auditors remuneration |
47,424,948 |
100.00% |
1,812 |
0.00% |
327 |
11 |
Allot shares |
47,416,504 |
99.98% |
10,256 |
0.02% |
327 |
| 12 |
Pre-emption rights |
47,416,504 |
99.98% |
8,444 |
0.02% |
2,139 |
13 |
Additional pre-emption rights |
47,416,504 |
99.98% |
8,444 |
0.02% |
2,139 |
| 14 |
Purchase own shares |
47,415,004 |
99.98% |
9,944 |
0.02% |
2,139 |
General Meeting – 19 July 2022
A General Meeting was held on 19 July 2022 to consider a resolution to amend the Company’s articles of association as part of Ten’s application to be B Corp certified. The full text of the resolution was included in the Notice of the Meeting.
Prior to the meeting, the Board welcomed questions from Shareholders relating to the business of the General Meeting. Both the questions and answers can be found here.
The resolution to amend the articles of association as put to shareholders at the General Meeting held was duly passed. Details of the proxy votes for each resolution received by the Company before the AGM are set out below:
| Resolution Number |
Resolution Name |
Number of Votes For |
% of Votes For |
Number of Votes Against |
% of Votes Against |
Number of Votes Withheld |
|---|---|---|---|---|---|---|
01 |
Articles of Association |
49,127,464 |
95.37% |
2,384,161 |
4.63% |
538,589 |
Board Performance Evaluation
- Clear purpose and strong leadership by the Chair.
- Balance of skills, experience and independence.
- Directors that work as a team.
- Understanding of the business and its strategy.
- Information and engagement with shareholders and other stakeholders.
- Board performance evaluation.
The Chairman will consider whether external advice or a third-party facilitator is needed to refresh the performance evaluation process next year.
Modern Slavery Statement
Link to our Modern Slavery Statement policy
